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and businesses, thereby providing additional support for economic growth and job creation. the u.s. economy continues to be hampered by the lingering effects of the financial crisis on its productive potential and by a number of headwinds that hindered cyclical adjustment of the economy. the federal reserve is doing its part by providing accommodative monetary policy to promote a stronger economic recovery in the context of price stability. as i said before, while monetary policy can help to support economic recovery, it is by no means a panacea for our economic ills. uncertainties about the situation in europe and the prospects for federal fiscal policy seemed to be weighing on the spending decisions of households and businesses as well as on financial conditions. such uncertainties will only be increased by a delay. in contrast, cooperation and creativity to deliver fiscal clarity, in particular a plan for resolving the nation's longer-term budgetary issues without harming the recovery, could help make the new year a very good one for the american economy. thank you very much. [applause]
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